New York Fed’s Empire State index plunges in January to lowest level since 2020

The numbers : The New York Federal Reserve’s Empire State business conditions index, a gauge of manufacturing activity in the state, plunged 29.2 points in January to negative 43.7, the regional Fed bank said Tuesday. This is the lowest level since the depth of the pandemic in May 2020. Economists had expected a negative 4 reading, according to a survey by the Wall Street Journal. Any reading below zero indicates deteriorating conditions. Over the past two months, the index has plummeted 58.2 points. Key details : The index for new orders dropped 38.1 points to negative 49.4 in January. Shipments fell 24.9 points to negative 31.3…